How Do I Budget Now That I'm Out of Debt?

How Do I Budget Now That I'm Out of Debt?

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[EmpressMermaid]

It's kinda similar to being on a super strict diet and then reaching your goal weight. You definitely don't want to go back to how you were but it's difficult knowing where the new line is

[sci-fisamurai]

I heard Discipline Equals Freedom and immediately went to the comments to find the other Jocko podcast fans, wasn't disappointed. GOOD.

[blackworldtraveler]

When I paid off my mortgage the .$1500/mo just switched to additional savings and continued on.
I was already doing fine while paying monthly mortgage so nothing really changed financially other than saving an additional $18k each year since 2008.
This is why finding a home you can truly afford is important.

[vjf]

Haha I love when Dave talks about his wife, it’s so funny sometimes, but I know he absolutely loves her

[jculver]

Paying off debt is like making a foundation for a beautiful house you're planning to build. Now that this guy has laid the foundation, he needs to keep his motivation going by envisioning what his house is going to look like. He should start by setting short and long-term goals for his net worth, and then focusing his energy on reaching them. That should help keep him driven.

[Hector-xexr]

I love when they said that when youre in debt you play by their rules. Their due date, their amount. When you save up for a goal, there are no rules. You want to save for trip, its on youre terms. Thanks yall!

[axepagode]

If saving money and setting goals is difficult for you, try this. If you are paid twice a month, live off one paycheck a month. All your expenses are paid by that one check. You reduce your expenses to fit in one paycheck. This could mean getting a roommate, buying a used car, finding free or inexpensive, entertainment or even dating less. You save everything else. After a year of this, you will be shocked how much money you have saved.

[jeffcoleman]

We paid off our house on May 1st it took us 18 years but we did it.We Alsace started our business listening to Dave so now we can help other people .We have been telling everyone we know not bragging just showing that it works.

[OZBarStories]

I felt exactly the same after I paid off my mortgage. When paying it off I was literally putting 70-80% on my mortgage and living off nothing. However then I paid it off and couldn’t save anything. My solution was to buy a rental property with debt - I know Dave wouldn’t approve but I need a forced savings plan.

[Andone]

I dont think this realizes that he won the battle. He didnt win the war... getting out of debt especially without a house is the 1st step but he still has a long long way to go to reach true financial freedom

[Axel_]

Great question Matt! My wife and I paid off all our debts two months ago and are struggling with the same issue as you!

[jimroscovius]

My wife is not a jewelry freak. We were broke when we got married, and her diamond was TINY!! 42 years later, we've had no debt for years, a paid-off house, and some money. I've offered a number of times to buy a bigger, better ring, but she says, "No, I don't need it." She would kill me if I bought one.

[McXCosplay]

Omg I’ve been having the same issue. Like I just became debt free this week, 35K paid and gone right before I graduate college and I’ve been feeling the same way, like how should I operate my life now. Luckily my sister and this video had told me the same answer

[jones]

I felt this way after I paid off my debt, but then I started saving for a house.

[KMF]

One months salary for a ring is way too much

[Burtonlostmotivation]

Congrats to the caller. Now it’s the easy part which Dave already explained — 15% to 20% into Retirment accounts, save up for a house/ring/car, once your in them start paying them down while having fun. It’s not rocket science. Now if you want to retire early, there’s a little rocket science😅

[RENGADE]

Discipline = Freedom -Jocko Willink! The great book is Extreme Ownership. Also read the Dichotomy of Leadership.

[jmoney]

My wife and bought our wedding rings used on eBay, we could afford new but why..?

[revnaw]

A month of income? 😂 I proposed. My husbands ring cost me more than my first ring. It’s such a wasteful expense to impress other people that other people really don’t care about.

[nemui]

“How do I budget now that I’m out of debt?”

The same way you did when you were in debt you just put that money into investments instead of debt. That way you make interest instead of pay it.